Building Details

Year built 1904

Listing Agency: Marquette · Coldwell Banker Real Estate c***@schmidtfamilyofcompanies.com Show Phone

Listed By: Mark Heinonen · License #6501428222 Show Phone

Added: Oct 13 Last Checked: Oct 16 at 8:06AM

Report an Issue

MLS# 50224687

Copyright © 2026 Coldwell Banker Schmidt REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This 1,312-square-foot mixed-use property, built in 1904, combines ground-floor commercial space with an upstairs apartment. The business area has several service stations, a customer waiting area, a restroom, and its own entrance. A laundry area at the back serves the residential portion. Upstairs, the apartment includes a living room, kitchen, two bedrooms, and a full bathroom. A separate section of the building is partly finished and can provide additional usable space once completed.

The property is at 409 Lake Linden Avenue in Laurium, Michigan. Its commercial and residential areas are arranged within one building, with a distinct entrance for the ground-floor business space.

Key Highlights

• 1,312 square feet; built in 1904
• Ground‑floor commercial space includes multiple service stations, a waiting area, and a restroom
• Commercial area has a separate entrance

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$11,672

Cap Rate

6.49%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$233,440 $233.4K

Cap Rate 7%

$166,743 $166.7K

Cap Rate 9%

$129,689 $129.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,312 SF

Gross rent

$20.3K $15.48/SF

− Vacancy

−$3.6K −$2.77/SF

EGI

$16.7K $12.71/SF

− OpEx

−$5.0K −$3.81/SF

NOI

$11.7K $8.90/SF

Area

Houghton County, MI

Vacancy

17.90%

Lease Rate

$15.48 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$233,440

Cap Rate 7%

$166,743

Cap Rate 9%

$129,689

Alternative Uses

Best Use

Retail

$166.7K

$145.9K – $194.5K (±1% cap)

NOI $11,672 @ 7.0% cap · market cap 6.49%

Second Best

Mixed Use

$119.5K

$104.6K – $139.4K (±1% cap)

NOI $8,364 @ 7.0% cap · market cap 4.65%

Theoretical Best

Multifamily LT 5

$16.22M

$14.19M – $18.93M (±1% cap)

NOI $1,135,586 @ 7.0% cap · market cap 631.23%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

KG HAIR at Avenue ... Hair Salon

Suggested Use

Top Pick Law Firm Real Estate Agency Nail Salon Dental Office Kitchen & Bath Showroom Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Residential units

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

284

Businesses Nearby

9k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Holiday Station Store Shops & Services

8,897 visits/mo 0.5 miles

Demographics for 49913, MI

7,218

Population

3,990

Households

1.8

Avg Household Size

42

Median Age

25%

College-Educated

93%

High-School Grad

75.5 sq mi

ZIP Area

96

Density / Sq Mi

$50,469

Median Household Income

$31,667

Median Earnings

$678

Median Rent

$92,700

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Similar For Sale Nearby

See more

Mixed-Use Building with Kitchen

70 First Street, Laurium, MI 49913

$215,000

4,522 SF

View details

Storefront Building with Basement

101 Hecla Street, Laurium, MI 49913

$70,000

5,710 SF

View details

Frequently Asked Questions

What type of property is this?

Mixed-use property - Street-level business space is paired with a two-bedroom residence and a partially completed additional area.

Where is this mixed-use property located?

The property is located at 409 LAKE LINDEN AVENUE Laurium, MI.

What is the asking price?

The asking price for this property is $179,900.

What are key features of this property?

This property features: 1,312 square feet; built in 1904; Ground‑floor commercial space includes multiple service stations, a waiting area, and a restroom; Commercial area has a separate entrance